Trailing commissions on superannuation accounts can range between 0.4 per cent to 1.2 per cent a year of the balance amount and usually apply when a financial adviser has recommended you a fund to invest your savings in.

For example, if you have a $50,000 investment and are paying a 1 per cent ongoing fee, this equates to $500 a year.

Drake says the recent changes under the Future of Financial Advice reforms have led to stricter rules around trailing commissions, including those linked to super funds, and urged Australians to take note.

"If you have seen an adviser after the first of July and they recommend something to you, then they can't receive commission. What they may do instead is charge you a fee and that may come out of your investment,'' he says.

"That might be $500 or $1000 a year and the main legislative change is that can't go on forever, that can go on for two years and then the adviser has to check with you and get your permission to continue with that arrangement, which is called opt-in."

Canstar editor in chief Steve Mickenbecker says it's vital to take a proactive approach to finding out whether you are paying trailing commissions, but says while cost vary, it could be money well spent.

"Your adviser has to send you once every 12 months a statement of fees, but don't wait for that to arrive. Talk to the adviser and find if you are paying (trailing fees) and how much you are paying,'' he says.

"In some cases you do need advice but in other cases you don't need sophisticated advice."

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